Whether Internal Auditing is equally beneficial for Small and Medium Enterprise’s like Large Enterprises? Recently one of my clients having turnover of approx..100 Cr asked a question whether Internal Auditing is equally beneficial for small and medium enterprises as it appears to be for large organisations? I could have replied to him immediately but...
Continue readingMinimum Legislative Compliance Requirements for a New Company
For incorporating a new company in India one needs to adhere to the following minimum laws: Companies Act, 2013: The entity would be formed under the Companies Act, 2013, as a Private Company. Minimum two Directors would be required to form the Board of Directors. One of the Directors needs to be an Indian...
Continue readingApplicability of ITR Forms AY 2020-21
ITR 1/ITR 2/ITR 3/ITR 4/ITR 5/ITR 6/ITR 7...
Continue readingForm 26AS
Form 26 AS is issued under section 203AA of the income tax act. It contains the details of tax deducted at source. Form 26AS include various details which are as follows: Form 26 AS contains the details of taxes paid tax refunds that have been received. The purchaser of immovable property deducts tax at...
Continue readingHow to get Register on e-Way Bill Portal?
E-Way Bills, there are three kinds of taxpayers/ users are involved: Registered Suppliers Unregistered Suppliers Registered/ Unregistered Transporters In order to generate e-Way bills it is compulsory to get register on the e-Way portal. Following Requisites for the registration on e-Way Bill portal: GSTIN of the registered taxpayer/ transporter, if registered Registered Mobile number ...
Continue readingCUSTOMER CARE OF INCOME TAX DEPARTMENT
Watchdog to Settle Your Income Tax Grievances This time there is an independent Watchdog whom you can approach for seeking effective resolution of your income tax grievances and even obtain a token compensation of Rs.1000 for the loss suffered by you. The reason behind this step is the delay in getting your refund, rectification...
Continue readingReverse Charge Mechanism(RCM)
About: Reverse charge is a mechanism under which the recipient of the goods or services is liable to pay the tax, instead of the provider of the goods and services. According to the normal taxation system, the supplier collects the tax from the buyer and deposits the same on adjusting the output tax liability...
Continue readingGST refund
When the GST amount is paid more than the GST liability a situation arises of claiming of GST refund. The method of claiming a refund is to make a uniform to avoid confusion. When the refund can be claimed There are following Stéroïdes oraux cases where a refund can be claimed are as under:...
Continue readingInput Tax Credit, Eligibility and Conditions
Tax charged on the tax invoice by a registered person on his outward supply of goods or services or both is an Input Tax for the buyer of such goods or services or both. The tax charged by the supplier on the tax invoice could be either Central Tax and State Tax / Union...
Continue readingConcept of Missing Invoices under New GST Return
Now a question arises can recipient take credit of invoice that was not uploaded by the supplier in his GST return. As we all know that according to GST returns, suppliers are required to upload invoices of outward supplies, imports and inward supplies attracting reverse charge in Form GST Annex 1 up to 10th...
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